Solar Panel Cost Guide in Cold Spring, MN (Feb 2023)

  • Cold Spring Solar Installation Cost: $14,135
  • 25-Year Savings: $18,327
  • Payback Period: 10.9 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Cold Spring

Find out what the average cost of a solar system is in Cold Spring.

Although the national average of solar panels is $2.66 per watt, solar panels in Cold Spring typically cost about $3. Using this figure, a typical 7.1 would cost about $14,135 before the 30% federal solar tax credit is applied.

Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy needs, the type of solar panels you want, your solar contractor and more. Many homeowners find installing a solar panel system is a rewarding investment. The average homeowner in Cold Spring can save about $17,000 on their electricity bills over 20 years.

Click the button below to get connected to a highly rated solar installer in Cold Spring for a custom quote.

Solar savings over time in Cold Spring

Year Return on Investment
1 years $-12,836
3 years $-10,239
5 years $-7,642
7 years $-5,045
9 years $-2,448
11 years $149
13 years $2,746
15 years $5,343
17 years $7,939
19 years $10,536
21 years $13,133
23 years $15,730
25 years $18,327

Top Solar Installers in Cold Spring

Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Going with a solar company can make converting to solar power much easier. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.

You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some in Cold Spring:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

See all of the solar companies in Cold Spring

Factors that Affect Solar Panel Costs in Cold Spring

Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that determine your overall cost in Cold Spring: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.

Solar Equipment

The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,840. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Cold Spring, where sunlight isn't as abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

If paying for solar panels in cash is too expensive, solar loans are a solid option because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also increases your total costs, so it's important to consider that as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.

Solar Panel Installation Company

The solar installer you hire to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Cold Spring, and each can charge different amounts for labor and equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that has the products, warranties and services you want and also fit into your budget.

Solar Panel Cost Data by System Size

System size Cost per system watt Solar system cost 25-Year savings Payback period
6 kW $2.95 $12,405 $15,000 11.3 years
8 kW $2.90 $16,222 $20,318 11.1 years
10 kW $2.84 $19,880 $25,795 10.9 years
12 kW $2.78 $23,379 $31,431 10.7 years
14 kW $2.73 $26,719 $37,226 10.4 years
16 kW $2.67 $29,900 $43,180 10.2 years
18 kW $2.61 $32,921 $49,293 10.0 years
20 kW $2.56 $35,784 $55,565 9.8 years

How to Save on Solar Panels

The solar company you opt for will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, including:

  • Contract: Though reading through a contract can be tedious, it's important to do it thoroughly so you can make sure you understand what services your solar company will provide and the terms of the warranty.
  • Solar Panel Brands: Different companies offer different brands and models of panels. If you want a specific brand, make sure the solar installer you're considering has it.
  • Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
  • Warranty: A comprehensive, 25-year warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

EcoWatch's Cold Spring, MN Solar Cost FAQs

How much does it cost to install solar panels in Cold Spring?

The average cost of solar panels in Cold Spring is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the actual cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you consume.

Can you get solar panels for free in Cold Spring?

You can't get solar panels for free in Cold Spring. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.

Can solar panels eliminate my energy bills?

It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Cold Spring, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.

How long do solar panels last in Cold Spring?

Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can replace them once you've had them for that long or you can continue to use them at a lower efficiency.

Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.

Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.

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